Bearclaw Announces Amendment of Stock Option Plan

MONTREAL, QUEBEC--(Marketwire - July 3, 2008) - Bearclaw Capital Corp. (TSX VENTURE:BRL)(FRANKFURT:5BQ) is pleased to announce that it has amended its stock option plan from a fixed number stock option plan to a "rolling" 10% stock option plan. Under the amended plan, the maximum number of shares that can be reserved for issue is equal to 10% of the issued common shares on the date any options are granted. This means that, as of today, Bearclaw could grant options under the amended plan to acquire up to a total of 2,404,699 common shares (10% of its 24,046,991 issued common shares).

The proposed amendment was approved by Bearclaw's shareholders at it most recent annual general meeting and is subject to the final approval of the TSX Venture Exchange - the Exchange has conditionally approved the proposed amendment.

This news release may contain forward-looking statements. Known and unknown risks and uncertainties may cause actual events or results to materially differ from those expressed or implied by any such forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.